New 'Suburb Spotter' tool helps Aussies navigate property market

author-avatar By on May 18, 2021
New 'Suburb Spotter' tool helps Aussies navigate property market

Aussie Home Loans' new 'Suburb Spotter' shows buyers what they can get for a suburb's median price with their deposit.

The map's data is fed from property analytics group CoreLogic, and Aussie CEO of Lending David Smith said Suburb Spotter helps potential home buyers navigate the property market.

“We wanted to create a thought starter for property buyers to help them understand not only median property prices but, even more importantly, the deposit required in their desired suburbs, along with the ability to expand their search to find surrounding suburbs which may meet their criteria and be that little bit more within reach," he said.

“The disparity in our research is striking. Australians are hearing about the low interest rates, the government incentives and grants, and they know there are opportunities in the property market, but they can’t seem to shake the emotion of feeling stuck and helpless.”


Buying a home or looking to refinance? The table below features home loans with some of the lowest variable interest rates on the market for owner occupiers.

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. If products listed have an LVR <80%, they will be clearly identified in the product name along with the specific LVR. The product and rate must be clearly published on the Product Provider’s web site. Monthly repayments were calculated based on the selected products’ advertised rates, applied to a $400,000 loan with a 30-year loan term.


The interactive map is currently available for all eight capital cities, which, according to the Australian Bureau of Statistics (ABS) collectively have a median dwelling value of $728,500.

A survey of more than 2,000 people commissioned by Aussie shows more than half (54%) of Australians with a property goal are unsure about how to take their first or next step in achieving it.

A similar number (53%) also said market conditions are one factor holding them back from achieving their property goals, while more than two thirds were missed out on properties because the market was too competitive.

Mr Smith called this inertia a "paralysis".

“We understand finding the right home can take time, but there are also other larger issues at play when it comes to people feeling they can’t move forward," he said.

“In 2021, there are significant opportunities for first home buyers, movers, upgraders, downsizers and investors, but with this competitive market it’s important to do your homework and get organised in advance, so the next time your dream property comes along, you’ll be ready to make your move.”

The map allows home buyers to input their capital city, their type of home, their loan-to-value ratio (LVR), and their deposit range.

In some cities, it may serve as a sobering reminder of what challenges first home buyers face.

For example, with a 10% deposit for a house in Brisbane (with a maximum deposit of $80,000), there is nothing available for the median price within six kilometres of the CBD, as seen below.

In Sydney, home buyers are effectively priced out unless they buy in Liverpool or Blacktown.

Brisbanemap-1.jpg

Aussie Suburb Spotter


Photo Supplied

Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered which includes retail products from at least the big four banks, the top 10 customer-owned institutions and Australia’s larger non-banks:

  • The big four banks are: ANZ, CBA, NAB and Westpac
  • The top 10 customer-owned Institutions are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management in November 2020. They are (in descending order): Great Southern Bank, Newcastle Permanent, Heritage Bank, Peoples’ Choice Credit Union, Teachers Mutual Bank, Greater Bank, IMB Bank, Beyond Bank, Bank Australia and P&N Bank.
  • The larger non-bank lenders are those who (in 2020) has more than $9 billion in Australian funded loans and advances. These groups are: Resimac, Pepper, Liberty and Firstmac.
  • If you click on a product link and you are referred to a Product or Service Provider’s web page, it is highly likely that a commercial relationship exists between that Product or Service Provider and Savings.com.au

Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site.

In the interests of full disclosure, Savings.com.au, Performance Drive and Loans.com.au are part of the Firstmac Group. To read about how Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.

*The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

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author-avatar
Harrison joined Savings in 2020. He is an experienced journalist, with previous stints at News Corp and financial comparison site Canstar. With a keen interest in personal finance, Harrison is passionate about helping consumers make more informed financial decisions.

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